Pier Capital LLC Trims Stake in Splunk Inc (SPLK)

Pier Capital LLC trimmed its stake in shares of Splunk Inc (NASDAQ:SPLK) by 13.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,888 shares of the software company’s stock after selling 1,395 shares during the period. Pier Capital LLC’s holdings in Splunk were worth $590,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in the company. Crossmark Global Holdings Inc. acquired a new position in Splunk in the third quarter valued at approximately $201,000. FDx Advisors Inc. acquired a new position in Splunk in the third quarter valued at approximately $210,000. Commonwealth Equity Services Inc acquired a new position in Splunk in the third quarter valued at approximately $210,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Splunk by 24.1% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,375 shares of the software company’s stock valued at $195,000 after buying an additional 656 shares during the period. Finally, IFP Advisors Inc lifted its holdings in Splunk by 6.2% in the second quarter. IFP Advisors Inc now owns 3,508 shares of the software company’s stock valued at $200,000 after buying an additional 204 shares during the period.

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In related news, SVP Ledger Susan St. sold 677 shares of the stock in a transaction on Friday, September 22nd. The shares were sold at an average price of $69.52, for a total transaction of $47,065.04. Following the completion of the transaction, the senior vice president now owns 168,376 shares in the company, valued at $11,705,499.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO David F. Conte sold 21,589 shares of the stock in a transaction on Wednesday, September 20th. The stock was sold at an average price of $68.99, for a total transaction of $1,489,425.11. Following the transaction, the chief financial officer now owns 161,022 shares of the company’s stock, valued at approximately $11,108,907.78. The disclosure for this sale can be found here. Insiders have sold 588,672 shares of company stock valued at $39,505,760 in the last three months. 1.43% of the stock is owned by insiders.

SPLK has been the topic of several analyst reports. Cowen restated a “buy” rating on shares of Splunk in a report on Friday, August 18th. Canaccord Genuity restated a “buy” rating and issued a $90.00 price objective (up from $80.00) on shares of Splunk in a report on Friday, November 17th. Robert W. Baird reaffirmed an “average” rating and issued a $85.00 target price (up previously from $75.00) on shares of Splunk in a research note on Monday, November 20th. Maxim Group reaffirmed a “buy” rating and issued a $85.00 target price on shares of Splunk in a research note on Friday, August 25th. Finally, Piper Jaffray Companies upped their target price on shares of Splunk to $85.00 and gave the company an “overweight” rating in a research note on Friday, November 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and twenty-eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $82.74.

Shares of Splunk Inc (NASDAQ:SPLK) opened at $78.01 on Wednesday. Splunk Inc has a 12-month low of $50.64 and a 12-month high of $84.88.

Splunk (NASDAQ:SPLK) last issued its quarterly earnings data on Thursday, November 16th. The software company reported $0.17 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.59. Splunk had a negative net margin of 32.72% and a negative return on equity of 71.89%. The company had revenue of $328.65 million during the quarter, compared to the consensus estimate of $309.01 million. analysts predict that Splunk Inc will post -1.3 earnings per share for the current year.

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Splunk Company Profile

Splunk Inc (Splunk) is engaged in the development and marketing of software solutions. The Company’s offerings enable users to collect, index, search, explore, monitor and analyze data. Its offerings address diverse data sets that are referred to as big data and are specifically used for machine data.